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Pyramid Selling

Volume 929: debated on Monday 28 March 1977

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asked the Secretary of State for Trade how many applications for winding-up of companies, under the Companies Act, have been reported to his Department since 1974 in respect of companies engaged in pyramid selling; how many are still outstanding; and if he will publish a list of those so wound up.

Full information is not readily available and could be provided only after undue expenditure of time. However, since 1st January 1974 the Department has made inquiries into the activities of seven companies which had been engaged in pyramid selling, and winding-up orders were made by the court on the petitions of the Secretary of State against the following three companies: Revolution Auto Products (UK) Limited; Worldwide Household Products Limited; Golden Chemical Products Limited. In three of the companies there were inadequate grounds on which to found petitions for their winding up, and the remaining company, Computex Consumers Services Limited, has since resolved to wind up voluntarily. The Department has at present no inquiries still outstanding.